GE shows improvement despite lower 3Q profit

October 18, 2013 • Business

FILE – In this Monday, July 15, 2013 photo, a General Electric washer is on display at a Home Depot in Pittsburgh. General Electric reports quarterly earnings on Friday, Oct. 18. 2013. (AP Photo/Gene J. Puskar)

NEW YORK (AP) — General Electric Co. posted lower overall revenue and profit in the third quarter, but improving sales of complex industrial equipment gave hope to investors that the company’s transformation of its business is succeeding.

GE said Friday that net income fell 9 percent to $3.19 billion and revenue fell 1 percent to $35.73 billion in the third quarter. In last year’s comparable quarter, the company earned $3.49 billion on revenue of $36.3 billion. GE’s earnings per share dropped to 31 cents, from 33 cents last year.

Still, the company’s results exceeded Wall Street expectations on the strength of 11 percent growth in profit at its industrial divisions — those that make aircraft engines, CT-scanners, Login to read more

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